Apollo pays €300M for German bank

June 27, 2017

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Regional Bank | Oldenburg, Germany | Bolt-on

Apollo Global Management has agreed to pay €300 million to acquire a 90.2% stake in Oldenburgische Landesbank from Allianz (FRA: ALV), which expects to record a loss of some €200 million on the sale, per Reuters. OLB is a bank operating primarily in northern Germany. Apollo reportedly plans to merge the business with Bremer Kreditbank, which the firm has backed since 2014.